If you’re going to get into sports betting in New York you have to learn how to read odds.
Mastering sports betting odds New York platforms offer is a huge piece of the puzzle to success. If you don’t know how to break down odds quickly and effectively you’re going to jump on bets with little chance of paying off more frequently than you’d like.
There’s no faster way to the poorhouse in sports betting than ignoring odds and lines. With the help of this detailed guide, though, that shouldn’t be a problem any longer.
We are going to run through (almost) everything you need to know about sports betting odds New York platforms offer, how to read them quickly, and how to decipher them so that your bets are a lot more strategic.
Let’s get into the mix, shall we?
How to read sports betting odds in New York
The very first thing you need to know about reading odds and scores from a sportsbook is how favorites and underdogs are expressed.
To kick things off, the “favorite” is always the team that the sportsbook feels has a better chance than not of winning a game or contest. The “underdog” is the team that a sportsbook feels has a better chance than not of being the loser.
As far as sports betting odds in New York are concerned, the favorite is always expressed with the (-) and the underdog is always favored by the (+).
You might even hear people say that a certain team is “giving” points and another team is “getting” points. Well, the underdog is the team that “gets” points (which is why the + is used) and the favorite is “giving” points (that’s where the – comes into play).
As a quick example, let’s say that you were thinking about putting money down on the New York Jets playing the New York Giants.
You might have a line that looks something like this:
- New York Giants -200
- New York Jets +170
This tells you a couple of things right away.
First, in this example the New York Giants are the favorite and the New York Jets are the underdog.
Secondly, a bet on the New York Giants will pay out $100 for every $200 that you bet on them if they win the game. The New York Jets, on the other hand, will pay out $170 for every $100 that you bet on them if they win the game.
All NY Sportsbooks with the best odds 2021
Quick intro for basic sports betting odds
Now that we have the very basics of sports betting odds in New York platforms might offer, let’s run through some more specific types of wagers that you might be thinking about placing.
The moneyline bet is the easiest of all the sportsbook bets to get into. All you have to do with this kind of wager is pick which team you think is going to come out on top of a specific contest. That’s it, that’s all there is to the moneyline.
In our example above the moneyline would look exactly the same. The book would feel that the New York Giants are more likely to come out on top of the Jets than vice versa, and all you’d have to do is pick the New York Giants at -200 and have them win to take home the jackpot.
The point spread is a little more advanced than the moneyline, but that means there’s more potential for even bigger profits if you choose correctly.
Not only are you picking the team that you think will win the game, but you’re also letting the final score to factor into the equation as well.
The point spread is incredibly popular with football and basketball specifically, and it’s used by New York sportsbooks to sort of even the playing field and the odds a little bit.
Using our example above, the spread might look something like this:
- New York Giants -14.5 (-110)
- New York Jets +14.5 (+110)
This again tells you a couple of different things:
For starters, this sportsbook still has the Giants as the favorite over the underdog Jets.
With a point spread bet, though, Giants not only have to win the game to cover but also have to win the game by at least 14.5 points (15 points in reality). If they win by say 11 points the bet would be considered a loser, even though they came out on top in the real game.
The Jets, the other hand, only have to win the game outright (by one point or a million) or have to lose by less than 14.5 points. If the Jets lose by 15 points or more, they aren’t going to cover. But if they lose by only three points they cover the spread and earned a payout.
Sometimes called “totals”, these are some of the most popular sports betting odds New York platforms offer as well
Over/unders basically establish a total number for the amount of points scored by both teams combined at the end of the game. Then players are able to bet whether or not the actual score will be higher or lower than the number provided by a book – choosing the over or the under.
Using our New York Giants and New York Jets example, you might have over under lines that look like this:
- New York Giants and New York Jets 59.5 (-110).
These NFL odds let you know that the sportsbook thinks the chances are good that these two football teams will combine for nearly 60 points.
If you think that the Giants and Jets have offenses good enough (or defenses bad enough) to give up 60 points total, you’d want to bet the over. If you think they can’t get to 30 points apiece (at least) you’re going to want to bet the under.
Because of the -110 odds you also know that you have to wager $110 to win $100 in profit, too.
Prop betting in the world of sports is always very popular, and it’s not hard to understand why. Alongside moneyline bets these kinds of wagers are the easiest of the bunch to make.
Usually having to do with very specific outcomes (like who wins a coin toss, who scores first, who turns over the ball fastest, etc.) different sportsbooks have different kinds of prop bets available to their player base.
It’s not at all uncommon for even more props to flood during big games and tournaments. The Kentucky Derby odds are filled with prop bets, just the same way that the Super Bowl odds and Masters odds are, too.
If you’re looking for parlay action (and we breakdown parlays a little more in depth in just a moment) it’s never a bad idea to combine moneyline, totals, or point spread action with a couple of props just to ratchet up the potential profit.
You might be surprised at just how much money you can make when you string these kinds of wagers together!
Futures bets are either season-long wagers (like money put on a specific team to win a conference or championship) or multi year long wagers.
For example, you might like the way that the New York Jets are coming together and could see them winning a Super Bowl in the near future. You might even believe that the New York Mets have a chance to win the World Series in the next few years.
If that’s the case, you could put down futures bets with New York sportsbooks for the specific year you think those teams are going to breakthrough. The odds on futures bets fluctuate all the time (depending on how oddsmakers feel about the chances of specific teams breaking through) but they can pay off in a big way – especially if you predict something well-off in the future.
Parlays and teasers
Parlays and teasers are nothing more than multiple bets that have been combined with one another into a bit of a “super bet”.
For example, let’s say that you’re watching a full Sunday of football and want to put money down on the New York Giants moneyline, the New York Jets spread, and a couple of over/under bets for the Sunday night game and the Monday night game.
Instead of making those wagers individually you might tie them into a parlay. In this case you won’t be paid out if just one or even a few of these bets are winners – every single one of them has to be the right pick.
In exchange for taking on that extra risk, though, parlays ratchet up the profit potential big time. The more legs you add to a parlay the more risk you add, but you also increase the potential profits.
Teasers are basically parlays where you can “buy” points to lower your risk. You have to pony up a little bit of extra cash to cement these kinds of wagers, but you minimize a bit of your downside at the same time.
Why betting odds change in New York
Truth be told, there’s an almost unlimited amount of reasons behind why sports betting odds from New York platforms change – sometimes on a minute by minute basis.
All New York online sportsbooks sends out odds and scores for games that they are going to host as soon as those games are scheduled. They go off of any and all information they have at that particular point in time.
It’s not uncommon for these kinds of odds to be set even before preseason starts. As you get closer and closer to game day, though, sportsbooks update their NBA odds, their NFL odds, and all their other odds to take any new information into account.
Maybe the weather is going to be really nasty. Maybe a superstar player came down with an injury. Maybe the team looks a lot worse or a lot better than they did when the first odds were published.
Maybe a bunch of money came into a sportsbook on one side of a match in the bookie is just trying to even out the cash so that they don’t take a bath when it’s time to pay out. At the end of the day, there are a bunch of different reasons that sports betting odds New York platforms offer change and shift.
The secret, though, is to watch as these odds move, to try and read why they are moving, and then to jump on board whenever there’s even just a bit of value. Anything you can do to tilt things in your favor can potentially payoff big time!
How to find the best sports betting odds in New York
There are a couple of things you want to look for when hunting down the best odds and scores available. The first thing, though, has to do with the caliber of the sportsbook you’re working with in the first place.
Top-tier New York sports betting sites are always going to have competitive odds. They might not exactly mimic the odds coming out of Vegas, but they’re going to be right there in line with everybody else in the industry.
Secondly, you want a sportsbook that updates odds on a regular basis – but not automatically. You don’t want to be left holding the bag with odds and lines that move slow, but you don’t want to be unable to jump on board odds value created by money dumping in on one side or news that a sportsbook hasn’t accounted for yet.
Finally, you need to look into what the “juice” is for all the odds that you are considering. Some sportsbooks offer what look like fantastic odds on specific wagers but then when you see how much money you have to bet to come home a winner (the “juice”) you realize it isn’t quite as attractive a deal as you thought at first.
Keep these things in mind and you’ll be good to go, though!
To help you hit the ground running, here are five of our favorite sportsbook platforms in New York you’ll want to check out. These sportsbooks have great odds, great reputations, and plenty of options to wager on every game you could imagine!
- FOX Bet – Partnered with Fox Sports, good odds and solid wager options
- BetRivers – Premium sportsbook with competitive odds and fast banking options
- BetMGM – Online version of the world-famous MGM casino and sportsbook in Las Vegas
- DraftKings – Built from the ground up with mobile users in mind, one of the best digital betting slips in the business
- FanDuel – Fantastic live betting options
FAQ’s About Betting Odds New York
Is it legal to bet on sports in New York?
It is! It is completely legal to bet on sports in the state of New York. And not just New York teams or New York games, either. You can bet on any sporting events – US or international based – with New York eligible sportsbooks.
What’s a good bet for beginners to make?
It’s tough to beat moneyline bets as a beginner. They really are the easiest bets to get started with.
Can I bet on US sports only or games from around the world?
You’ll be able to bet on any games available from the sportsbook you choose. Some sportsbooks specialize in US only sports, games, and tournaments and others have almost any game available at any time around the world.
How do I fund my account?
Different sportsbooks allow you to fund your account in different ways. Most let you fund through debit and credit cards or your bank account, though.
How do I get my winnings?
Again, banking with sportsbooks is unique to that particular book. Some are going to let you withdraw directly to your bank and others require you to send your money through a third-party payment processor.